Heartflow Plans $200M IPO with $1.3B Valuation

Heartflow, a Mountain View-based medical technology company specializing in AI-powered imaging and diagnostics for coronary artery disease, is preparing for its initial public offering on the Nasdaq under the symbol HTFL. The company plans to offer 12.5 million shares priced between $15 and $17, targeting to raise up to approximately $212.5 million and achieve a valuation around $1.3 to $1.4 billion. Heartflow’s platform, which has been used to assess over 400,000 patients, leverages advanced computational fluid dynamics to create personalized 3D heart models and provide actionable insights for diagnosis and management. The company, founded in 2007 and backed by Bain Capital, previously attempted to go public via a special purpose acquisition company merger valued at $2.8 billion, but those plans fell through in 2022. Revenue has shown strong growth, with projected quarterly revenue up 38-40% year-over-year and $136 million booked over the last 12 months. Major financial institutions including J.P. Morgan, Morgan Stanley, and Piper Sandler are leading the IPO underwriters, with pricing expected in early August 2025.